AIBF 2003 annual dinners.
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David Murray FAIBF chief executive Commonwealth Bank of Australia I readily agreed to be here tonight to talk about our industry, in place of Frank Cicutto (then National Australia Bank chief executive and AIBF president) who could not be here. I’d like you to know that the chief executives of Australia’s four major banks hold a shared interest in–and concern about–the future of the ABE We talk often about making sure that all of us are behind the AIBF. Tonight I want to talk about the AIBF’s involvement in the core skills of banking, because if they’re no good our customers are not getting the best service. And, without customers, we have nothing. Our industry is one of the most dynamic in Australia and, indeed, the world. I took this for granted until I was appointed by the Prime Minister as a representative on the APEC Business Advisory Council back in late 1997. When I turned up to my first meeting, I became the volunteer that took over chairmanship of the ABAC’s financial taskforce. It was like the army sergeant asking for anybody who likes music and to the first person to put up his hand he says: “Well please move the piano.” At the time, Asia was in the grip of a serious financial downturn. We escaped it so well here that nobody really understands how bad things got, how high the emotions were. I found out just what great shape our financial system was compared to financial systems in Asia. I had to deal in a diplomatic way to get people to support a range of solutions. In that process, I found out that skill building ultimately is the game. But the real issue is how we can be even better on behalf of our customers; and how we play a role in making the Australian economy a great one. As I point out to people that work for me, when you ask an Olympian if they had a good day, they never say they did. They tell you how they’re going to do better. In terms of our industry, we must test ourselves against three fundamental criteria: Firstly, is the structure of our financial system appropriate? Are our capabilities OK and how is our management? The structure of our industry has to contain certain moving parts. It has to… |